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Garmin (NASDAQ:GRMN) has posted third quarter revenue of $672 million against a consensus of $660.83 million.
GT Advance Technologies (NASDAQ:GTAT) is streamlining its global operations so as to more profitably align its cost structure with current market conditions and improve its ability to follow strategic growth initiatives, among which include the unification of existing business divisions into a single Crystal Growth Systems group, along with cost reduction moves that include an approximate 25 percent decrease of the firm’s world workforce. Once completed, the workforce reduction should reduce the company’s annualized costs by about $13 million. GT anticipates restructuring charges linked to these actions of around $4.2 million in the fourth quarter. President and Chief Executive Tom Gutierrez said that “It is becoming increasingly clear that some of our Asian customers are experiencing severe financial difficulties brought on by a number of economic and trade related challenges. We are not immune to these headwinds and we are taking actions to prepare for what is likely to be a challenging 2013 in our core markets.”
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Bank of America Corporation (NYSE:BAC) might be able to draw upon legal minutiae as a basis from which to fight the claims in a recent $1 billion lawsuit brought by the Justice Department, which seeks penalties against the company for troubled loans it sold to Fannie Mae and Freddie Mac. The government action concentrates on a program by BofA to rid itself mortgages implemented by Countrywide Financial, which it purchased in July 2008.
Facebook (NASDAQ:FB) had to sit back and watch as their firm’s shares plummeted throughout the summer and then again in August, when 271 million more insider shares were released from lock-up. Peter Thiel, a very early investor in Facebook and a member of the company’s board of directors, divested the majority of his stock, helping to drive the stock farther to its all-time low of $17.73 in early September. But now, on the last day of October, the employees are free to sell some of their shares, having had to wait through two extra days when the market was closed due to the hurricane.
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